IRS Clarifies Scope Of Recovery Zone Bond Refundings

Law360, New York (January 14, 2014, 2:21 PM EST) -- The Internal Revenue Service on Monday spelled out under what terms a taxpayer is allowed to issue a refunding bond for purposes of refinancing Recovery Zone Facility Bonds, which were created as part of Congress's 2009 stimulus package.

The IRS notice applies to current refundings that are used to reimburse original Recovery Zone Facility Bonds issued prior to January 1, 2011. The relevant statutes do not specify whether current refundings of these types of tax-exempt bonds are permissible, the IRS said.

In general, the issue price...
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